Rolling coverage of the latest economic and financial news, as the chancellor of the exchequer warns that many more jobs will be lost before the Covid-19 crisis is over
- Sunak: Priority is protecting employment
- Need sustainable public finances eventually
- Miliband: Sunak’s wage subsidy scheme doesn’t work
From LBC to BBC TV…. where Rishi Sunak has warned that the UK can’t run huge deficits indefinitely.
The chancellor argue that the current borrowing levels are correct now, but not “sustainable” indefinitely.
“This year we’re obviously having to borrow an enormous amount of money to provide support to the economy at a time of crisis, that’s the right thing to do,”
“In terms of the medium term… obviously this can’t carry on forever. This level of borrowing, which will be record levels pretty much this year, is not sustainable in the long run.”
Rishi Sunak has also been playing down concerns that his Eat Out To Help Out scheme fuelled the surge in Covid-19 cases, by encouraging people back to restaurant and pubs.
He says the scheme was particularly popular in the South West of England, where cases remain relatively low:
Mr Sunak says it’s “a matter of social justice” the Government protects jobs in the hospitality sector.
Chancellor says accusation “doesn’t stack up” because in south-west the scheme was used more than anywhere else but transmission rates are among lowest in the country.
